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This past Thursday night, while unconfirmed reports spread concerning a shooting at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Although the network is hardly a perfect news source, her message rang true for a lot of people. It stands as one of the broadcasters where you can find fact-based and largely dependable reporting – notably during fast-moving events like the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation During a High-Stakes Battle

However the news network, now middle-aged, finds itself in a precarious situation as two giant media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has been drawn into a major game of corporate ownership, not as a question of what serves the information-seeking public.

“This is yet another example of the profound systemic issues with origins in decades of policy decisions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a broader point.

“It is often framed as a corporate drama with key players as the main characters, but there is scant discussion of the public interest,” Pickard said.

The Complicating Element: The Former President

The CNN scenario is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” foe.

Think back to the chants of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is a factor in why he seems to favor Paramount Skydance, which has made a hostile bid.

He has grounds to prefer that suitor more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of Further Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s far from a secure position. That arrangement could pave the way for CNN for another sale. There is no finish line.

In the view of Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance recently argued that competition laws should disallow both deals.

“Either merger would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Bigger Challenge and a Potential Solution

Regardless of the resolution regarding CNN, the larger issue endures.

“Our current system is a highly structure that undermines democracy, but we ought not succumb to a sense of powerlessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can address it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Change is highly improbable now, but that doesn’t mean it will not happen in the future.

Initiatives that bolster independent news organizations, reinforce local journalism, finance public media, and prevent the concentration of media power in very few hands are not only possible – they are vital for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be pawns in the newest acquisition battle.